| Lender | Best for… | APR Range | Minimum Credit Score |
|---|---|---|---|
 | International students | 4.53% to 15.36% *with autopay discount | Varies |
 | Multi-year borrowing | 4.43% to 12.57% *with autopay and loyalty discounts | 700 |
 | Parent borrowers | 5.05% to 16.99% *with autopay discount | 660 |
 | Rate match | Starting at 4.42% *with autopay discount | 650 |
 | No cosigner | 7.49% to 12.99% *with autopay discount | Not required |
 | Traditional bank features | 4.49% to 12.24% *with autopay discount | Not disclosed |
 | Part-time students | 4.40% to 8.45% *with autopay discount | 680 |
 | Speedy cosigner release | 4.50% to 15.69% *with auto debit discount | Mid-600s |
 | Member benefits | 4.24% to 13.73% *with autopay discount | Not disclosed |
Read more about how we chose the best student loans.
| Loan amounts |
|
| Variable APR | 6.16% to 15.59% with autopay discount |
| Fixed APR | 4.53% to 15.36% with autopay discount |
| Terms | 5, 7, 10, 12, 15 years |
| Origination fee | None |
| Minimum credit score | Varies |
| Pros | Cons |
|---|---|
1% cash back graduation reward (if all terms are met) Access to the Ascent Scholarship Giveaway Program Earn up to $525 for each friend you refer | International students must use a U.S. cosigner Credit score requirements not specified International students don’t qualify for the non-cosigned, outcomes-based loan. |
What to know Need additional funds while studying abroad in the U.S.? Ascent Student Loans offers student loans for non-U.S. citizens, non-U.S. permanent residents and non-Deferred Action for Childhood Arrivals (DACA) students.
Undergraduate students can borrow up to 100% of their school’s cost of attendance ($200,000 aggregate) after other financial aid, with graduate student loans going up to $400,000. You can opt for up to nine months of deferred repayment after graduation — though interest will accrue during the deferment.
You may also be able to access a personal loan for non-U.S. citizens to cover non-educational-related expenses.
Eligibility requirements
You must be enrolled at least half-time at an eligible institution and have a U.S. citizen or permanent resident cosigner when applying for an Ascent international student loan. You and your cosigner must meet income and credit score requirements, which vary.
U.S. citizens, permanent residents and DACA students can apply with or without a cosigner.
| Loan amounts |
|
| Variable APR | 5.81% to 13.96% with autopay and loyalty discounts |
| Fixed APR | 4.43% to 12.57% with autopay and loyalty discounts |
| Terms | 5, 10, 15 years |
| Origination fee | None |
| Minimum credit score | 700 |
| Pros | Cons |
|---|---|
Multi-year approval saves time from needing to reapply every year Interest-only and deferred repayment plans available Relatively high 0.50 point interest-rate deduction after autopay and loyalty discounts | Must make at least 36 on-time payments and meet credit criteria before applying for cosigner release Few refinancing perks compared to other lenders Doesn’t offer an unemployment protection program |
What to know With loan options for students and parents, Citizens Bank sets itself apart by offering multi-year approval. Whether starting a four-year program or working toward your advanced degree, you only need to apply once for multiple years of financing. Citizens Bank is also one of the few loan providers that offer student loan refinancing even if you didn’t finish school.
Eligibility requirements
You must be enrolled at least half-time in a degree-earning program and have no prior student loan defaults. You need a good credit score (700+) or a qualified cosigner to qualify. International students can apply with a creditworthy U.S. cosigner.
| Loan amounts |
|
| Variable APR | 5.59% to 16.99% with autopay discount |
| Fixed APR | 5.05% to 16.99% with autopay discount |
| Terms | Between 5 and 15 years |
| Origination fee | None |
| Minimum credit score | 660 |
| Pros | Cons |
|---|---|
Four repayment options for students, including a flat $25 a month in-school payment to reduce accrued interest | Students can’t apply for cosigner release until they’re halfway through their repayment term Although you apply through College Ave, University Accounting Services (UAS) will service your loan |
What to know
Students and parents alike will appreciate College Ave’s range of perks, such as flexible repayment options, no application or origination fees, and competitive rates — despite the slow path to cosigner release.
Eligibility requirements
Parents, grandparents, guardians, family members and friends can take out a College Ave parent loan to help pay for a student’s education, in contrast to many lenders which restrict parent loans to just parents or legal guardians. The borrower will need to meet specific credit and income criteria. Undergraduates will likely need a cosigner if they don’t have an established credit history.
| Loan amounts |
|
| Variable APR | Starting at 5.62% with autopay discount |
| Fixed APR | Starting at 4.42% with autopay discount |
| Terms | 5, 7, 10, 12, 15 years |
| Origination fee | None |
| Minimum credit score | 650 |
| Pros | Cons |
|---|---|
Option to skip one payment a year No minimum enrollment requirement for grad students Nine-month grace period vs. the standard six months | Doesn’t fund student loans in Nevada Cosigner release isn’t available (unless you refinance) |
What to know Earnest seeks to give you the lowest private student loan interest rate, via its 100% Rate Match Guarantee program. If you find a lower rate elsewhere, Earnest will match it and send you a $100 Amazon gift card.
Unlike most lenders, Earnest considers additional criteria besides credit score when determining your college loan’s interest rate, including your spending habits and bank account balances. On the downside, Earnest has stricter cosigner requirements than some other lenders.
Eligibility requirements
Undergraduate students must be enrolled at least half-time, while graduate students have no enrollment requirement as long as they pursue an approved degree. Non-U.S. citizens and permanent residents can apply with a creditworthy U.S. cosigner. Although a cosigner isn’t required, having one can improve your chances of approval and help secure a lower interest rate. Cosigners need a minimum of three years of credit history, a credit score of 650 and a minimum income of $35,000 per year.
| Loan amounts |
|
| Variable APR | Not available |
| Fixed APR | 7.49% to 12.99% with autopay discount |
| Terms | 10 years *varies by state |
| Origination fee | None |
| Minimum credit score | Not required |
| Pros | Cons |
|---|---|
No cosigner required — ever Every student receives a dedicated loan officer to help guide them along the way Several forbearance options for times of economic hardship | Part-time students, grad students and parents are ineligible First-year and sophomore students have more difficulty gaining approval Loans aren’t available in 12 states |
What to know FundingU might be a good option for students who don’t have access to a cosigner (or who don’t want to use one). As the name implies, Funding U focuses on you and your potential, not your parents’ finances. This lender also offers loans to undocumented students, as well as Deferred Action for Childhood Arrivals (DACA) recipients.
Since Funding U works exclusively with undergraduates, parents and grad students must look elsewhere for loans. Also, loan amounts are limited compared to other lenders.
Eligibility requirements
U.S. citizens, permanent residents or DACA recipients aged 18 and older must be enrolled full-time in a bachelor’s degree program at an eligible not-for-profit college or university (online-only schools are ineligible). Currently, Funding U only lends to around 1,450 schools in 38 states.
Although your FICO Score doesn’t matter, your credit history does, so watch out for missed payments or collection issues. Since your grades and academic performance play a significant role in eligibility, juniors and seniors tend to have higher chances of approval.
| Loan amount |
|
| Variable APR | 5.64% to 13.39% with autopay discount |
| Fixed APR | 4.49% to12.24% with autopay discount |
| Terms | 5, 10, 15 years |
| Origination fee | None |
| Minimum credit score | Not disclosed |
| Pros | Cons |
|---|---|
Available to undergraduate, graduate and professional students 0.50% autopay discount A range of financial products geared toward students | No loan prequalification — a hard credit inquiry is required to see interest rates Cosigner release isn’t available until 48 months of on-time, consecutive payments. Credit score requirements not specified |
What to know With over 2,600 physical branches across the U.S., PNC can be your one-stop solution for all your financial needs — student checking account, savings, student credit cards, loans for students and even free online webinars to boost your financial health. The PNC Solution Loan has zero fees, competitive rates and flexible terms, plus a 0.50 point rate deduction with an autopay discount.
Applying with a creditworthy cosigner typically increases the likelihood of approval. However, you can’t release your cosigner until you’ve made 48 consecutive, on-time payments and met PNC’s income and credit requirements.
Eligibility requirements
Both the student and cosigner (if applicable) must be U.S. citizens or permanent residents and meet the required credit, employment and income criteria. The student must submit proof of at least half-time enrollment in an approved degree program.
Although PNC doesn’t offer private loans for international students, it does provide banking services for non-U.S. citizens and residents — you must apply in person for these services if you don’t have a Social Security Number.
| Loan amounts |
|
| Variable APR | Not available |
| Fixed APR | 4.40% to 8.45% with autopay discount |
| Terms | 10 or 15 years |
| Origination fee | None |
| Minimum credit score | 680 |
| Pros | Cons |
|---|---|
Loans available to non-matriculating students Multi-year plan available to save time applying each year Income-based repayment plan, with forgiveness after 25 years | High late fee of 6% Interest accrues while in school and capitalizes once you enter repayment (if selecting the deferred repayment plan) The lowest rates only apply to Rhode Island residents or students attending a Rhode Island school |
What to know Risla doesn’t require a specific enrollment status, making it an ideal choice for part-time students or those attending classes without the goal of earning a degree. Although you can get federal financial aid as a part-time student, you have to meet your school’s specific enrollment requirements. RISLA, on the other hand, offers more flexibility with their private loans for college.
With RISLA, you can get undergraduate, graduate, parent, certificate and refinance loans from $1,500 to $45,000. Another bonus feature is RISLA’s income-based repayment plan, which is typically only available with federal student loans. You can also choose between the immediate repayment plan (in school) or the deferred repayment plan (six months after you leave school).
Eligibility requirements
All RISLA borrowers and cosigners (if applicable) must be U.S. citizens or permanent residents and are required to meet credit and income criteria. Students must attend a Title IV degree-granting school or an eligible public or non-profit institution of higher education. RISLA loans are available nationwide, but Rhode Island residents will receive a slightly lower interest rate.
| Loan amounts |
|
| Variable APR | 6.37% to 16.70% with auto debit discount |
| Fixed APR | 4.50% to 15.69% with auto debit discount |
| Terms | 10 to 15 years (20 years for medical and dental school loans) |
| Origination fee | None |
| Minimum credit score | Mid-600s |
| Pros | Cons |
|---|---|
Cosigner release in 12 months if criteria is met Career training student loans available to those taking professional or certificate courses Loan options for students attending less than half-time | Limited choice in repayment term No loan prequalification available Most undergraduate students require a cosigner |
What to know Sallie Mae states that students were four times more likely to receive approval with a creditworthy cosigner than those without one. Fortunately, Sallie Mae offers one of the shortest cosigner release policies: You can take over the loan by yourself after 12 consecutive, on-time payments, so long as you meet the income and credit criteria.
One of the longest-running lenders of the bunch (founded in 1973), Sallie Mae also offers no application and origination fees, has low rates, and provides multi-year funding options and free credit score tracking. One drawback, however, is the borrower’s inability to select the length of their repayment term.
Eligibility requirements
Students must have U.S. citizenship or permanent residency, have sufficient credit history and be pursuing a certificate or degree program to apply for a Sallie Mae loan. International and DACA students can apply with a creditworthy U.S. citizen or permanent resident cosigner.
| Loan amounts |
|
| Variable APR | 5.24% to 12.88% with autopay discount |
| Fixed APR | 4.24% to 13.73% with autopay discount |
| Terms | 5, 7, 10, 15 years |
| Origination fee | None |
| Minimum credit score | Not disclosed |
| Pros | Cons |
|---|---|
Excellent member discounts and incentives Prequalify without impacting your credit score Unemployment protection in case you unexpectedly lose your job | Credit score requirements not specified Cosigner release takes 24 months No loan option for part-time or alternative degree-seeking students |
What to know Sofi is a competitive online finance company offering no-fee student loans with a range of member perks. SoFi Member Rewards allow you to earn points for various activities — such as using their app, checking your credit score and setting up direct deposit. You can then redeem points for cash, statement credit on your SoFi credit card or credit against your eligible SoFi loans.
Members can also enjoy free career coaching, financial planning, an 0.25 point interest rate deduction with autopay and an additional 0.25 point discount for subsequent loans.
Eligibility requirements
SoFi loans are available to U.S. citizens, permanent residents and DACA students. Students must be enrolled in an eligible bachelor’s, graduate or professional degree program — students pursuing an associate degree are ineligible. Borrowers, including cosigners, must meet SoFi’s income and credit requirements.
While private student loans help many students and their families afford college, this route may not suit everyone.
If you want to avoid student loans entirely (or at least limit them), here are some alternative funding options:
To get an idea of what you repayment will look like, try punching the details of your loans into our student loan repayment calculator:
To qualify for a private loan, you’ll need to attend an eligible school and meet the lender’s age, education or citizenship requirements, as well as credit and income criteria. Undergraduate students usually need to apply with a creditworthy cosigner.
Many lenders let you check your rates with an online prequalification that won’t impact your credit (as opposed to a more in-depth hard credit inquiry). Compare offers from a few different lenders to find the lowest rate for your private student loan.
If you have a cosigner, they will likely need to submit this information too.
Most private lenders require a minimum credit score before approving you for a private student loan. If you have limited or bad credit, you can boost your chances of qualifying by applying with a cosigner. Even if you can qualify on your own, adding a creditworthy cosigner to your application could help secure better rates.
Note that your cosigner will hold equal responsibility for the loan, and their credit will suffer if your loan falls into delinquency or defaults. Some lenders allow you to release your cosigner after a certain period of on-time payments.
For more information on this, check out our guide to student loans for bad credit.
Historically, about 9 out of 10 private student loans are borrowed with cosigners — creditworthy individuals who agree to repay the debt if the primary borrower falls behind. That’s because teens and 20-somethings often don’t have an adequate credit history to meet the underwriting standards of banks, credit unions and online-only lenders.
Even if you’re a rare case who could qualify on your own, including a cosigner could potentially lower your interest rate. Make sure you and your cosigner understand the legal obligations of repayment before deciding to team up.
And if you prefer to apply alone, check out student loans without cosigner requirements.
Each lender sets its own minimum and maximum borrowing amounts. However, just because you can borrow up to your remaining cost of attendance doesn’t mean you should.
Your loan balance, interest rate and loan term (definitions below) can dramatically impact the overall costs of a private student loan.
When you take out a student loan, your balance is the amount you borrowed. As interest accumulates, your loan balance grows. You might have several student loan balances, depending on how many loans you took out.
When you borrow a student loan, you agree to pay back your borrowed amount, plus interest. With the exception of federal subsidized loans, interest starts racking up from day one.
Private student loans can come with fixed or variable interest rates. Variable rates often start lower than fixed ones, but they can drastically increase over time.
The term is the number of years it takes to repay your loan. Private loans are not eligible for federal repayment plans. Most private lenders let you choose a term of five to 20 years, though some have longer or shorter terms available.
Use the following questions to determine how much private funds you should borrow:
| Question | Where to find the answer |
|---|---|
| How much do I need to borrow? | Estimate higher education costs using tools like the College Scorecard (or your financial aid award letter, if you have one) |
| How much will my student loan cost? | Plug potential borrowing scenarios into student loan calculators |
| Can I afford to borrow that much? | Utilize free resources like the Bureau of Labor Statistics to project your postgraduate wages |
After applying for a private student loan, you should receive a formal approval or denial within days, sometimes hours. More likely, a customer service representative from your potential lender will follow up to provide a status update or request additional documentation.
If time is of the essence — perhaps your next semester or academic term is fast approaching — consult the preferred lenders on your list about how quickly you can expect an answer on your application. You might also consider emergency student loans for immediate financial needs.
U.S. law sets the federal student loan interest rates, which Congress then passes. The annual federal loan rates are based on 10-year Treasury notes plus a fixed increase. Each loan type has a predetermined loan cap in an effort to make interest rates reasonable for all borrowers. Furthermore, regardless of your credit score, everyone receives the same rate with federal student loans.
In contrast, private lenders utilize their own lending models to determine student loan interest rates.
A lender may consider the following factors when calculating your rate:
